Country Gardens 76-Unit Apartments in Tucson sells for $3.4 Million

TUCSON, Arizona – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Country Gardens, a 76-unit apartment property located in Tucson, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix/Tucson office. The asset sold for $3,4 million ($44,737 per unit).

Hamid Panahi and James K. Crawley, investment specialists in Marcus & Millichap’s Tucson office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by Hamid Panahi, James K. Crawley.

Country Gardens is located at 3202 N Country Club Rd in Tucson, AZ. “New ownership plans to reposition the asset, representing an unparalleled opportunity to take advantage of the improving location and resident demand looking for rehabbed communities,” says Hamid Panahi. “Country Gardens is the perfect acquisition for GreenLite Holdings, as it fits their strategy of acquiring assets in need of repositioning, while simultaneously improving the operation,” says James Crawley.

The Real Estate Daily News publishes to highlight business and commercial real estate activity in Arizona. A daily publication that focuses on new residential and commercial developments, income producing properties and businesses relocating or expanding in Arizona.
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